Loan Demand what can I do to pre-empt Loan Demand what can I do to pre-empt - Page 2
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  1. #11

    bored now

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    Quote Originally Posted by DavidD View Post
    IMHO - On paper they may seem separate events but they are intrinsically linked - two dogs are fighting over the same dinner - only one can win. The 'dinner' is only so big.

    PS - One dog claims dinner is his (tax) other dog claims dinner is his (loan) - they are linked l
    As I stated above and Webberg posts above - they aren't linked.

    HMRC look at the transaction as a whole from the work you did to the money arriving in your bank account.

    The loan scheme providers are looking at merely the very last bit - them "lending" you money (you gave them through the work you did) and sending it to your bank account.

    Yes it might seem completely unfair but it is merely the other side of the tricks that were used to pretend the money wasn't income being used against you.
    merely at clientco for the entertainment

  2. #12

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    No, they are linked.... you can tell me the emperor has clothes on all you like - but as I've shown - when the rubber hits the road the link will become apparent.

    Bottom line is HMRC will get their tax, they are the top dog and the loan scheme providers will get nothing.

  3. #13

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    Quote Originally Posted by DavidD View Post
    No, they are linked.... you can tell me the emperor has clothes on all you like - but as I've shown - when the rubber hits the road the link will become apparent.

    Bottom line is HMRC will get their tax, they are the top dog and the loan scheme providers will get nothing.
    You may think that - courts however have already reached different conclusions.
    merely at clientco for the entertainment

  4. #14

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    Quote Originally Posted by DavidD View Post
    No, they are linked.... you can tell me the emperor has clothes on all you like - but as I've shown - when the rubber hits the road the link will become apparent.

    Bottom line is HMRC will get their tax, they are the top dog and the loan scheme providers will get nothing.
    That is dangerous thinking.

    If it is dangerous thinking powered by knowledge, professional expertise or personal experience, then I think you owe it to those reading these threads to explain your background in a verifiable way.

    If you are expressing a hope based on a logical thinking process that you have arrived at without the benefit of professional training or analysis, then again, I think you should say so.
    Best Forum Adviser & Forum Personality of the Year 2018.

    (No, me neither).

  5. #15

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    Hyperthetically speaking then. You sign a legally binding settlement contract with HMRC and don't release the loans.

    A third party claiming to own the loans come along and call them in. What's your plan?
    Quote Originally Posted by DavidD View Post
    No, they are linked.... you can tell me the emperor has clothes on all you like - but as I've shown - when the rubber hits the road the link will become apparent.

    Bottom line is HMRC will get their tax, they are the top dog and the loan scheme providers will get nothing.
    STRENGTH - "A river cuts through rock not because of its power, but its persistence"

  6. #16

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    Quote Originally Posted by DavidD View Post
    IMHO - On paper they may seem separate events but they are intrinsically linked - two dogs are fighting over the same dinner - only one can win. The 'dinner' is only so big.

    PS - One dog claims dinner is his (tax) other dog claims dinner is his (loan) - they are linked l
    David, yes they are linked and we who signed the agreements know that. However legally they separate flows of money where the two organisations don't really care much about the other.

    Now here is the really crap part. When you settle with HMRC they have the power to enforce payment preference over any other debts such as loans or credit cards. Only a mortgage payment is considered higher priority. This ultimately means they can take their back tax money first once they have agreed you have enough money to live on. Now next scenario is Mr Umbrella comes looking for his loan repayment and as HMRC have already legally enforced their repayment you don't have much money to pay back these so called loans. So best you contest the debt or statutory demand because whilst HMRC generally don't make people bankrupt these so called firms recalling the loans don't really give a damn, and that is a harsh lesson I have recently learnt.

  7. #17

    Default Still not clear of my next step

    Thanks for all your replies guys:

    The consensus so far : I could be forced to pay Mr Umbrella Trust (or more likely Mr Oppurtunistic LoanBuyer, who he sells the loans onto). Reardless of any settlement to HMRC I have made.

    If they get even some of the loan I will have to sell my house and my businesses (lively hood).

    Given that my Umbrella Trust (overseas) who I cannot contact and seem to have have disappeared. However I discovered through some googling they are owned by a much bigger Financial group of companies. This is even more worrying as I think they will now own the loan.

    I have no relationship with the bigger parent companies.
    My Options
    1] Do I risk the Hornet's nest and contact the unknown parent company, asking them to release the loan.
    or
    2] Stop worrying, bide my time, wait for someone to demand monies then seek professional advice? (remember I have had no contact from anyone for over 5 years)

    Just to recap Loan terms:
    Loan period was upto 2029.
    They can contest the claim globally in any country and in multiple countries concurently if relevant.

    They ofcourse always communicated (by phone) they would never collect the loans, but never in writing.

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